Plansmith Blog

One Less Thing to Worry About

Posted by Megan Plis Knapp on 10/9/19 4:59 PM

After almost 50 years in the biz, we've learned a thing or two about banking. And since most of our employees have spent time in the industry, we know the heavy hitters that keep bankers up at night.

That's why we designed our business around one specific goal: giving our clients one less thing to worry about.

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3 Activities to Start ASAP this Fall

Posted by Sue West on 9/23/19 11:32 AM

Oh, Autumn. The changing of the leaves, the crispness of the morning air... and the crunching of numbers?

Yep. We're bankers. It's what we do. And fall, it's the perfect time for some of our favorite - and most crucial - banking activities.

Here are the 3 game-changing activities Plansmith recommends starting as early as possible in the fall:

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We've Walked in Your Shoes

Posted by Megan Plis Knapp on 9/20/19 2:35 PM

Running a successful business, like anything worthwhile in life, is difficult. Of course, the same can be said for operating a bank or credit union.

There's never enough time in a day to get everything done. The amount of work per number of hands to accomplish it isn't equitable. The number of new regulations versus training bandwidth is not even close to on par.

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My Budget Is Done, Now What?

Posted by Bill Smith on 8/15/19 3:18 PM
Thankfully, my financial institution's budget is done – now what? Continue planning, that’s what.

Most of us hate planning. So why would I want to start now, when I could wait until the usual time next year?

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The Worst Budgeting Advice We've Ever Heard

Posted by Megan Plis Knapp on 8/1/19 8:08 AM

For almost 50 years, Plansmith has helped financial institutions become better organizations through improved planning. In that time, we've heard a lot of industry chatter - much of it a load of, dare we say, bologna.

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How to excel without Excel

Posted by Brett Hendricks on 7/17/19 9:02 AM

One of the most common calls we take at Plansmith is from a bank or credit union looking to improve their entire budgeting, forecasting, and board reporting process. While the organizations vary greatly in size, and the person calling is sometimes the president and other times a financial analyst – most often they all have one thing in common: “I’m currently using Excel.”

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5 Ways Plansmith Simplifies Your Budgeting Process

Posted by Brett Hendricks on 7/8/19 9:35 AM

For most banks and credit unions the annual budgeting process is just that, a “process” that is far from looked forward to.

The CFO gathers data and input from market managers and department heads. The President and CEO then hand down more information as well as targets and objectives that rarely align with the other information. It's then the CFO's and finance team's job to cobble it all together, make it balance, and deliver results to the Board for approval.

As anyone who has been through it knows, the process itself is not cut and dry. To be honest, it can be downright exhausting.

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The Top 3 Lunch 'n Learns to Review for 2019

Posted by Jennifer Mello on 6/21/19 2:49 PM

It’s halfway through the year and a great time to prepare for what’s to come. I've picked the top 3 Lunch 'n Learns you should review before heading into the 2020 planning season.

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Top 3 Takeaways on the WARM Method from the April 11, 2019 ‘Ask the Regulators’ CECL Webinar

Posted by Jim Groark on 6/3/19 11:24 AM

I watched the CECL WARM Method webinar provided by FASB and the regulatory agencies. I thought the webinar provided a very thorough review of the Weighted-Average Remaining Maturity (WARM) Method. If you haven’t had a chance to watch it yet, click here to view it now.

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Featured Guest: Spotlight Financial

Posted by Michael Stinson & Reid Ten Kley, CPA on 5/21/19 1:07 PM

FASB Approves WARM Methodology for CECL

Community banks and credit unions looking for practical advice on how to implement the new CECL standard received a helping hand from the agency that authored the oft dreaded accounting rule. In a January 2019 Staff Q&A, the Financial Accounting Standards Board (FASB) stated that the weighted average remaining maturity (WARM) method is an acceptable method for less complex financial institutions to estimate expected credit losses. The FASB Q&A Comment also provided a couple different examples on the application of the WARM methodology to comply with CECL, and these examples do a good job of explaining the mathematics behind the calculation. If you haven’t done so already, you can read the FASB Q&A Comment here.

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